Join our daily newsletter At The Bell to receive exclusive market insights
- Impact Minerals (IPT) continues to drill at the Apsley prospect, which forms part of the Commonwealth Project in the Lachlan copper-gold province of NSW
- Nine reverse circulation drill holes have been completed for 2500 metres, with drilling at three more targets planned
- So far, the company has found the strongest alteration comes from the centre of the area drilled, with follow-up drilling now planned
- Initial XRF measurement also shows widespread alteration typical of the outer distal zones of a porphyry copper system as well as more localised zones
- Impact has ordered the results be lab-tested, as the XRF Instrument is unreliable for identifying the true grade of gold and base metals
- Shares in IPT are trading down 8.7 per cent at 2.1 cents
Impact Minerals (IPT) continues to drill at the Apsley prospect, which forms part of the company’s 100 per cent-owned Commonwealth Project in the Lachlan copper-gold province of NSW.
Nine reverse circulation drill holes have been completed for 2500 metres, testing a number of specific anomalies prospective for porphyry copper-gold deposits.
So far, the company has found the strongest alteration comes from the centre of the area drilled with follow-up drilling now planned as part of this maiden program.
It also found the rocks contain weak to moderately disseminated copper-bearing minerals in zones up to 60 metres thick.
Initial measurements from a hand-held XRF instrument shows widespread alteration typical of the outer distal zones of a porphyry copper system as well as more localised zones typical of the inner more proximal zones of such systems.
Following the initial results, Impact has ordered the results be lab-tested, as the XRF Instrument is unreliable for identifying the true grade of gold and base metals.
The lab test will be carried out outside of NSW, to avoid delays, with first results expected in around three weeks,
Additionally, the materials stock is planning to drill three more targets at Apsley as part of this maiden drill program.
Shares in Impact Minerals are trading down 8.7 per cent at 2.1 cents per share at 11:04 am AEST.
